SHANGHAI, CHINA -- (Marketwire) -- 12/12/12 -- Dragon Capital Group Corp. (PINKSHEETS: DRGV), a leading holding company of emerging high-tech companies in China, announced today the company's financial results for the first nine months of 2012 ended September 30, 2012.
Revenue for the first nine months of 2012 was $15.1 million as compared to $15.7 million recorded in of the same period of 2011. While overall revenue narrowly declined in the first nine months of 2012, operating income improved to $319,000 up from $293,000 recorded in the comparable period of 2011. The improvement in operating income was largely the result of a reduction in selling expenses as well as general and administrative expenses. Net income attributable to Dragon Capital Group for the first nine months of 2012 was $143,000 as compared to a net loss of $1.5 million recorded in the first nine months of 2011. In addition to the improvement in income from operations, the overall increase in net income was largely attributable to a $1.7 million loss recorded in the first nine months of 2011 on the sale of two subsidiary companies in January of 2011.
At September 30, 2012, total assets were $8.6 million with $8.3 million in current assets. This compares to total assets of $8.3 million with $8.0 million in current assets at December 31, 2011. At September 30, 2012, shareholder equity improved to $7.2 million with working capital of $5.8 million compared to shareholder equity of $7.0 million with working capital of approximately $5.7 million at December 31, 2011.
Mr. Lawrence Wang, CEO of Dragon Capital Group, stated, "While we have experienced some softness in overall revenue thus far in 2012 we have worked to bring our expenses in line which has resulted in an improvement in our operating income and overall bottom line. We continue to position our subsidiaries for growth and we believe we will see improvement in top and bottom line performance as we move into 2012. We intend to expand our sales efforts in the coming quarters as well as look to opportunistically grow through synergistic acquisitions. We are confident that our company is again on the right path to resume a strong growth track in the coming years for the benefit of our stockholders."
About Dragon Capital Group Corporation
Dragon Capital Group Corp. (PINKSHEETS: DRGV) is doing business in China through its subsidiaries. Dragon was established to serve as a conduit between Chinese high-growth companies and Western investors. DRGV functions as an incubator of high-tech companies in China, offering support in the critical functions of general business consulting, formation of joint ventures, access to capital, merger & acquisition, business valuation, and revenue growth strategies. DRGV has developed a portfolio of high-tech companies operating in China. For more information about DRGV, please visit http://www.dragoncapital.us
Safe Harbor Statement
Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the word expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance.
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